BV814-CON Big Market Delusion

CE 1 | BV

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Session Description

In entrepreneurs’ minds, big markets offer the promise of easily scalable revenues that, coupled with profitability, can translate into large profits. This session examines how the “big market promise” affects business formation and financing, with a focus on the role of overconfidence on the part of both entrepreneurs and their financiers (venture capitalists and public equity) in creating a collective overpricing of companies in alleged big markets—and an inevitable correction. For valuation professionals, the key lesson is that pricing based on multiples and the peer group can lead to significant overpricing. Put simply, companies can appear fairly priced relative to other companies in a big market, but they might all be overvalued.

Speaker Information

Bradford Cornell, Emeritus Professor of Finance | UCLA

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Disclaimer: The opinions expressed in this presentation are that of the presenter(s) and do not necessarily reflect the views and opinions of the American Society of Appraisers.

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System requirements for viewing downloads.

Pricing $69.00
ASA-Member $49.00
Non-Member $69.00
Available Yes